C 
38.98
+0.62%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$49.70bn
FY2016FY2025
Net income
C$3.93bn
FY2016FY2025
Free cash flow
C$3.41bn
FY2016FY2025
Shareholders' equity
C$31.62bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$49.70bn | C$54.28bn | C$52.20bn | C$66.90bn | C$46.36bn | C$13.54bn | C$20.18bn | C$20.84bn | C$17.04bn | C$11.01bn |
| Gross profit | C$5.20bn | C$5.63bn | C$6.16bn | C$11.36bn | C$5.74bn | −C$1.43bn | C$2.13bn | −C$369.0m | C$538.0m | C$113.0m |
| Research and development | — | — | — | — | — | C$12.0m | C$20.0m | C$25.0m | C$36.0m | C$36.0m |
| Operating income | C$4.94bn | C$4.84bn | C$5.47bn | C$9.36bn | C$4.89bn | −C$2.75bn | C$1.77bn | −C$3.36bn | C$729.0m | −C$492.0m |
| Net income | C$3.93bn | C$3.14bn | C$4.11bn | C$6.45bn | C$587.0m | −C$2.38bn | C$2.19bn | −C$2.89bn | C$2.43bn | −C$545.0m |
| Diluted earnings per share | 2.11 | 1.61 | 2.18 | 3.25 | 0.29 | -1.94 | 1.78 | -2.35 | 1.98 | -0.65 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$63.42bn | C$56.54bn | C$53.91bn | C$55.87bn | C$54.10bn | C$32.77bn | C$35.71bn | C$35.17bn | C$40.93bn | C$25.26bn |
| Cash and short-term investments | C$2.74bn | C$3.09bn | C$2.23bn | C$4.52bn | C$2.87bn | C$378.0m | C$186.0m | C$781.0m | C$610.0m | C$3.72bn |
| Total liabilities | C$31.79bn | C$26.77bn | C$25.20bn | C$28.28bn | C$30.50bn | C$16.06bn | C$16.51bn | C$17.71bn | C$20.95bn | C$13.67bn |
| Debt | C$14.21bn | C$10.63bn | C$9.95bn | C$11.64bn | C$15.42bn | C$9.32bn | C$8.62bn | C$9.16bn | C$9.51bn | C$6.33bn |
| Shareholders' equity | C$31.62bn | C$29.75bn | C$28.70bn | C$27.58bn | C$23.60bn | C$16.71bn | C$19.20bn | C$17.47bn | C$19.98bn | C$11.59bn |
| Shares outstanding | 1,864m | 1,957m | 1,882m | 1,987m | 2,012m | 1,229m | 1,229m | 1,229m | 1,229m | 833m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$8.23bn | C$9.23bn | C$7.39bn | C$11.40bn | C$5.92bn | C$273.0m | C$3.29bn | C$2.15bn | C$3.06bn | C$861.0m |
| Capital spending | −C$4.82bn | −C$5.01bn | −C$4.30bn | −C$3.76bn | −C$2.56bn | −C$859.0m | −C$1.18bn | −C$1.38bn | −C$1.67bn | −C$1.03bn |
| Free cash flow | C$3.41bn | C$4.22bn | C$3.09bn | C$7.64bn | C$3.36bn | −C$586.0m | C$2.10bn | C$777.0m | C$1.39bn | −C$173.0m |
| Dividends paid | −C$1.44bn | −C$1.55bn | −C$1.03bn | −C$927.0m | −C$210.0m | −C$77.0m | −C$260.0m | −C$245.0m | −C$225.0m | −C$166.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$17.43bn | C$12.36bn | C$10.88bn | C$13.20bn | C$12.32bn | C$13.30bn | C$11.75bn | C$14.25bn |
| Gross profit | C$4.43bn | C$2.71bn | C$1.32bn | C$3.06bn | C$785.0m | C$1.42bn | C$986.0m | C$1.15bn |
| Operating income | C$4.22bn | C$2.29bn | C$1.08bn | C$2.83bn | C$632.0m | C$1.23bn | C$785.0m | C$978.0m |
| Net income | C$2.87bn | C$1.57bn | C$934.0m | C$1.29bn | C$851.0m | C$859.0m | C$146.0m | C$820.0m |
| Diluted earnings per share | 1.53 | 0.84 | 0.50 | 0.69 | 0.46 | 0.46 | 0.07 | 0.42 |
| Cash from operations | C$5.64bn | C$2.18bn | C$2.41bn | C$2.13bn | C$2.37bn | C$1.31bn | C$2.03bn | C$2.47bn |
| Capital spending | −C$1.22bn | −C$1.15bn | −C$1.27bn | −C$1.15bn | −C$1.16bn | −C$1.23bn | −C$1.48bn | −C$1.34bn |
| Free cash flow | C$4.41bn | C$1.03bn | C$1.14bn | C$977.0m | C$1.21bn | C$86.0m | C$551.0m | C$1.14bn |
| Total assets | C$65.12bn | C$64.85bn | C$63.42bn | C$53.57bn | C$55.82bn | C$56.38bn | C$56.54bn | C$54.68bn |
| Cash and short-term investments | C$3.17bn | C$2.58bn | C$2.74bn | C$1.90bn | C$2.56bn | C$2.77bn | C$3.09bn | C$3.10bn |
| Debt | C$8.94bn | C$11.01bn | C$14.58bn | C$10.37bn | C$10.49bn | C$10.77bn | C$10.63bn | C$9.94bn |
| Shareholders' equity | C$34.20bn | C$32.52bn | C$31.62bn | C$28.37bn | C$29.40bn | C$30.03bn | C$29.75bn | C$29.59bn |
Financial ratios
Data as of 15 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 10.5% | 10.4% | 11.8% | 17.0% | 12.4% | -10.5% | — | — | — | — | — |
| Operating margin | 9.9% | 8.9% | 10.5% | 14.0% | 10.5% | -20.3% | — | — | — | — | — |
| Net margin | 7.9% | 5.8% | 7.9% | 9.6% | 1.3% | -17.6% | — | — | — | — | — |
| Return on equity | 12.4% | 10.6% | 14.3% | 23.4% | 2.5% | -14.2% | — | — | — | — | — |
| Return on assets | 6.2% | 5.6% | 7.6% | 11.5% | 1.1% | -7.3% | — | — | — | — | — |
| Free cash flow yield | 15.1% | 15.7% | 13.4% | 16.5% | 9.1% | 2.0% | — | — | — | — | — |
| Revenue growth | -8.4% | 4.0% | -22.0% | 44.3% | 242.3% | -32.9% | — | — | — | — | — |
| Earnings growth | 25.1% | -23.5% | -36.3% | 998.8% | -124.7% | -208.4% | — | — | — | — | — |
| Current ratio | 1.57x | 1.42x | 1.56x | 1.55x | 1.64x | 1.26x | — | — | — | — | — |
| Debt to equity | 0.36x | 0.27x | 0.26x | 0.33x | 0.54x | 0.46x | — | — | — | — | — |
| Equity ratio | 49.9% | 52.6% | 53.2% | 49.4% | 43.6% | 51.0% | — | — | — | — | — |
| Interest coverage | 10.59x | 10.54x | 12.13x | 14.53x | 5.54x | -5.74x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | 0.1% | 0.1% | 0.1% | 0.2% | 0.3% | 0.2% |
| Buybacks as a share of market value | 4.8% | -4.0% | 5.3% | 1.2% | -63.7% | 0.0% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.4% | 29.7% | 14.3% |
| Operating income | -19.2% | — | — |
| Net income | -15.2% | — | 20.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.4% | 12.7% | 11.5% | 9.5% |
| Operating margin | 9.4% | 11.0% | 9.5% | 6.7% |
| Net margin | 6.8% | 7.9% | 5.6% | 4.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 11.0 | 13.6 | 10.1 | 8.1 | 53.2 | -4.0 | 3.6 | -2.0 | 2.8 | -15.0 |
| Price to sales | 0.9 | 0.8 | 0.8 | 0.8 | 0.7 | 0.7 | 0.4 | 0.3 | 0.4 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 17 years. Last went ex-dividend on 15 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.64 | 0.78 | 0.815 | 0.525 | 0.464 | 0.088 | 0.063 | 0.213 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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